To some this might be new, and others might well be aware of it thanks to first hand experience.
It has been made clear that SARS will be strictly implementing penalties for late submissions of tax returns. These penalties accrue monthly.
Please ensure that you have sent us all your required information well ahead of the deadline to allow us the time to submit your returns.
Penalties are allocated, as seen below, based on your previous tax return outcome:
Assessed loss R250 R0 – R250 000 R250 R250 001 – R500 000 R500 R500 001 – R1 000 000 R1 000 R1 000 001 – R5 000 000 R2 000 R5 000 001 – R10 000 000 R4 000 R10 000 001 – R50 000 000 R8 000 Above R50 000 000 R16 000